Fortune Bay (TSXV: FOR) has expanded the Athona gold deposit thanks to the results of phase one drilling. The deposit is part of the Goldfields 100% owned, advanced exploration project 15 km south of Uranium City, Saskatchewan.
Six diamond drill holes totaling 1,170 metres were drilled on a 50-metre spacing at the Athona South target. The assay results confirm that the mineralization extends to the south and remains open.
All six drill holes intersected mineralization at shallow depths, with highlights that included:
The company says the Goldfields project hosts the Box and Athona deposits, both of which can be mined using open pit techniques. The combined indicated resource includes 975,000 oz. of gold in 22.6 million tonnes averaging 1.34 g/t and an inferred resource containing 176,000 oz. of gold in 6 million tonnes averaging 0.92 g/t gold as of March 15. The property produced 64,000 oz. of gold between 1939 and 1942.
(This article first appeared in the Canadian Mining Journal)